Each quarter our research team identifies on-prem and cloud applications that are being used by the 11000 Western Union employees from the public (Press Releases, Customer References . . An undisputed leader in the global payments space, Western Union is driving a company-wide technology transformation, underpinned by migrating its infrastructure from on-prem to the cloud. It took six months to do the bare minimum. Rica, Hong Its more about having the manager understand how the work actually gets done on the floor. We see ourselves as becoming a FinTech that can move quickly while being sure that our infrastructure and processes allow us to work at scale. The relationship with Talend has enabled Western Union to help its global customer base in times of real need. The strategy is also to reduce costs; on-prem infrastructure and people running it is expensive and you need back-ups of everything, especially in financial services. Security, Infosys Africa's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money from over 200 countries and territories. Mazzaferro: Technology is a critical part of the equation, of course, but technology can never drive culture change. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. Western Union and Beforepay Offer 'Send Now, Pay Later' Service to Consumers for International Money Transfers Consumers are less aware that we have transformed ourselves into one of the largest digital money transfer firms in the world, with our digital activity generating well over $400 million revenues in 2017. A lot of our big data environment is still on-prem and the mission is to move that completely to the cloud by the end of the year. Jaffin: Its important for us to continue trying new technology that gets us closer to customers and their changing needs, like advanced analytics and other tools. Our goal was to build a new Cloud-based IT architecture based on microservicesthat would allow us to integratemany different systems quicklyboth internal and external vendors, explains Tom. Commenting on the advantages of development on OutSystems, Tom says, We estimate that were getting new products to market at least twice as fast as competitors, and were probably using a tenth of the resources they are on front-end development. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. Solutions enabled - Oracle Revenue Management and Billing, Oracle Business Intelligence, Infosys Transaction Reconciliation System, Oracle Cloud Infrastructure Solution and Services, Infosys Oracle Services, part of Infosys Cobalt. Top retailers use AI-powered campaigns to engage their most valuable customers. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. [2]But today, new technologies are threatening Western Unions entire business model. . Assignment: Driving Digital Transformation, AIG & Cyber Insurance Learning to Insure a Digital World, The First Transcontinental Telegram was sent to DC 155 Years Ago, Form 10-K for the year ended December 2017, How Blockchain Could Help Emerging Markets Leap Ahead, Beyond the Hype: What Blockchain could mean for Africa, Western Union is Testing Ripple and XRP for Money Transfers, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, Emirates NBD, an almost perfect digital transformation, B2B business solutions (cross-border and cross-currency). . As weve done that, everyone has started to speak the same language, whether its talking about going to huddles, doing process confirmations, conducting one-on-one coaching, or maybe doing floor walks. Meanwhile, new fintech players like Transferwise are able to offer cash transfer services for a fraction of the price since their operations are 100% online. Denver, Colorado. We believe in the work we do, why we do it, and who we hire to get it done. Dan Nordlander, senior vice president of Western Union Way Operations at Western Union, discusses his companys unique transformation journey with McKinseys Barr Seitz. Western Union's stock price continued to climb the week of April 12 reaching $25.89, compared to a low of $21.66 in January. To that end, Singh has built on an existing relationship to forge a highly valuable partnership with Salesforce and oversee the roll-out of its industry-leading Marketing Cloud. The CDO needs to drive digital transformation by enabling data to power product development and the company. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. This aims to support the transition of the region into a digital economy and bring the benefits of digital transformation, such as faster economic growth, more jobs, and better services. Western Union is trying to use Blockchain as an incremental or modular innovation, when in fact it could be an architectural orradical innovation (see chart below) introducing entirely new businesses that fit well into Western Unions existing capabilities. Finally, shareholders may punish Western Union for moving away from its higher margin core business to focus instead on simpler, lower-cost digital money transfers. The Transformation Story of Western Digital. A doctor in London taps an app on her phone to transfer 500 pounds. Ericsson will help accelerate Econet's digital transformation journey. Because if you dont have the right data, your applications will struggle to provide the right business outcomes and customer experiences. Today customers can commence their journey on our mobile App, pay for their transaction digitally or opt to pay cash from any of our participating Western Union retail locations, use wu.com or go directly to any of the 1,200 agent locations or Western Union-owned locations in Austria[i]. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). Western Union powers your pursuit. People are asking us, Hey, can you come help me? The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. Navigate Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. Services, Public 8 (Managing the Strategy Development Process). We teach employees, and then they execute. People. From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. [11]See generally Rebecca M. Henderson & Kim B. Clark, Architectural Innovation: The Reconfiguration of Existing Product Technologies and the Failure of Established Firms, Administrative Science Quarterly Vol. New-found agility delivers growth and improved Customer Experience for partners and customers. What Ive tried to do is look at each of the groups and find out who the strong players in each of them are, the leaders that are vocal and very straightforward in conversation. He also praises Snowflakes adaptability when it came to dealing with huge capacity increases. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital transformation at Western Union: Snowflake: Tom, as CDIO you lead the charge on keeping Western Union at the forefront of data economy leadership. This is just one example of how blockchain could be an opportunity for Western Union. This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. For example, helping African countries develop official land registers could eliminate a huge barrier to investment and capital inflows (e.g., by resolving uncertain and disputed land titles). Mazzaferro: Keep it simple. Society Updated: 01-06-2022 - 11:45. And when you have that, it becomes easier to have a stronger level of influence than you might otherwise expect with a small team, because everyone in the organization is clear that, whether youre working directly with the WU Way team or not, your job is to find ways for continuous improvement. "As users turn to our services in bigger numbers and as many new digital players come to the market, we know we have to change," he says. Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. Technology or Operations transformation . Singh estimates that the project has reduced how much it spends on talking to its customers by a quarter, while markedly improving this critical function. It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. Western Unions platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies and 500K partner networks. <br><br>My Leadership Philosophy<br><br>I am an . Provide value consistently every month and deliver new value and capabilities. Board Committees. Now that these pilots are winding down, its been easy to get the support across the organization to find the resources necessary to establish teams that can scale it out in different areas across the company. These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. In [] | Learn more about Rokas kudas's work experience, education, connections & more by visiting their profile on . As an iconic brand for over 150 years, Western Union is constantly striving to innovate for their customers. But it becomes more self-driven, and that really enables the scale. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. That makes it much easier to go into other areas of the organization and say, We did this in this part of the company. Western Union's digital services align with the UAE government's policy to create an economy driven by innovation and technology," said Salma Massoud, head of digital, Middle East and Africa . Jaffin: Digital was critical in a few ways. Digital Transformation. Whats really nice about that is that its so visually obvious. & Distribution, Media and "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . Improvements that we made to our apps digital customer experience, for example, helped it become one of the most downloaded apps among our peer set in 2020. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Mazzaferro: In the past, the thinking in the industry has often been that applications are king, and that data flows through the applications. For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. With OutSystems, we deploy twice every week. We also innovated to make our services more inclusive for customers by creating new ways to send funds digitally and offering real-time digital account payouts. For more details about how Western Union went from 34 on-prem data warehouses to pursuing a multi-cloud strategy based on Snowflake, read our case study. Cambridge: Cambridge University Press It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. Western Union Digital Services Enhanced in the UAE with Mobile App and Online Access; ITFC and Dubai Exports host B2B Forum to Promote Agri-Food Trade between Arab and African Countries under the Arab Africa Trade Bridges Program; GBM and Banfico partner to support the Kingdom's efforts for a more digitalized financial sector few clicks, you can use OutSystems to bring your visions to life. Country/region, Costa Business Unit Represents Approximately 7% of Company Revenue Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, together with Goldfinch Partners, LLC ("Goldfinch"), a private equity firm investing in . This will enable the company to maintain its high . And when that happens, they start to see further opportunities for continuous improvement, leading them to new ideas about things they can do to improve efficiency or effectiveness. Others prefer to prepare a transaction online and then go to a retail location to pay cash. She also has worked with ad agencies like Ogilvy and McCann. Looking ahead, the Sales Cloud will be connected to the Marketing Cloud, which in turn is connected to our Care Cloud, so that whenever something happens across any of those products we are able to react in a way that suits that customer. Western Union could use existing retail outlets as nodes on a land register blockchain, which could bring in new sources of revenue to those retail stores. Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. Garden, The Economist So youre really talking about game-changing differences between how processes worked before and after. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. As the centerpiece of Western Unions omnichannel vision, the Western Union App is increasingly the primary touchpoint for customers: today more than 65% of Western Unions digital transactions originate on a mobile device globally. . Automation, Microsoft I want to see those same results in my organization. I think thats an indication of how well its really working across the company. Data and insights gave us the ability to make important strategic decisions in the throes of what could have been a panic. Though its too early for results, the response from consumers has been positive, he says. Services, Data That support has made it a lot easier to have the influence we need to make the transformation successful. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. [12]These kind of digital initiatives are good pursuits for current operational leaders, since they represent incremental or modular innovations to Western Unions existing product offerings. Professors from HEC, ESCP business school, and leading carriers shared insights on . Entertainment, Professional Finance. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. Western Union is a global leader in cross-border, cross-currency money movement and payments. The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. Singh was given autonomy to mould his teams, combining the skills already at Western Union with external talent, many of which were from a consulting background, resulting in a diverse and varied team, which he says proved invaluable. It's a physical branding and marketing component that few money-transfer providers can match but one that's of diminishing value in a digital world. That means we can onboard new developers and have them productive much faster, and weve got fewer knowledge silos in the development team., Moreover, low-code development on OutSystems helps Tom fight back in the war for digital talent. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. What are the biggest lessons you learned? HELIX, Management Faced with numerous applications to deliver, the need to rapidly iterate customer experiences, and the steep learning curve for new Cloud DevOps toolchains, Western Union decided to evaluate low-code platforms. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. If any of these should fit what you're looking for, consider exploring a career with Western Union. We know there are certain systems that we cannot just move to the cloud straight away such as the AS400 IBM mainframe, but weve managed to take the ecosystem that surrounds our legacy technology and move it to the cloud and we think we can get everything to the cloud before the end of the year.
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